Tight supply and marginal demand improvement expected to drive copper prices higher [SMM Copper Morning Meeting Minutes]
SMM Morning Meeting Summary: Last Friday night, LME copper opened at $14,502/mt, initially drifted lower to touch a low of $14,480.5/mt, then drifted higher near the end of the session to touch a high of $14,551/mt, and finally closed at $14,563/mt, up 0.62%. Trading volume reached 21,000 lots, and open interest reached 265,000 lots, an increase of 2,021 lots from the previous trading day, reflecting increased positions by bulls. Last Friday night, the most-traded SHFE copper 2610 contract opened at 109,840 yuan/mt, initially drifted higher to touch a high of 109,950 yuan/mt, then its center gradually moved lower to dip to 109,620 yuan/mt, and finally closed at 109,900 yuan/mt, up 0.34%. Trading volume reached 17,200 lots, and open interest reached 151,100 lots, a decrease of 766 lots from the previous trading day, reflecting reduced positions by bears.